Any situation leading to bankruptcy may not be happy, but your life can improve afterward. You are being given the opportunity to start again with a debt-free slate. Read this article to learn how bankruptcy is a constructive, not destructive, process in reshaping your financial situation.
Most people end up filing for personal bankruptcy because they owe more than they make. If this sounds familiar, you should read up on the bankruptcy laws in your state. There are greatly varying laws concerning bankruptcy, so it is important to make sure you are getting the correct information. You may find your home is safeguarded in one state, while in another it isn't. Be aware of bankruptcy laws before filing your claim.
Don't avoid telling your lawyer specific details with your case. You cannot expect your lawyer to remember every important detail without some reminder from you. Your case and future are affected by the attorney's action, so never be afraid to communicate.
Rather than checking online, try to get recommendations from friends or family about a suitable bankruptcy attorney. Although you may find a good lawyer through an advertisement, you can simply find a much better lawyer if the lawyer is recommended to you by someone who has gone through the process and who has the inside track on the lawyer's true capabilities.
Be brutally honest when you file for bankruptcy, as hiding assets or liabilities, will only come back to haunt you. When you file make sure whoever is handling the process is fully aware of each and every financial detail. Divulge all of your information so that you and your lawyer can devise the best strategy for dealing with your situation.
There is hope! Filing for personal bankruptcy may possibly enable you to reclaim your personal property that have been repossessed, like your car, electronics and jewelry items. If your property has been repossessed less than 90 days prior to your bankruptcy filing, there is a good chance you can get it back. Speak with a lawyer that will provide you with guidance for the entire thing.
Before picking a bankruptcy lawyer, speak with more than one, since most offer a consultation for free. It is important to meet with the actual attorney, not the attorney's assistant or paralegal; those people are not permitted to give legal advice Taking the time to compare lawyers will ensure that you get a person that you can be yourself around.
Thing about filing a Chapter 13 bankruptcy. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000. Not only can you repay your debts through consolidation, personal property can be kept, as well as real estate. This repayment period usually lasts from three to five years. If you make your payments faithfully during that time, any remaining unsecured debt will be eliminated. Remember that missing a payment to the plan will result in your case being dismissed.
As you can see, events that cause bankruptcy are a sad thing, indeed. But, that does not mean life after bankruptcy has to be negative. Using the advice you have found here, bankruptcy can be the beginning of a new, exciting chapter in your life!
Comments
Post a Comment